Posted AT 4:04 PM EST on 02/12/08
Government funds not needed: Scotiabank
TORONTO — Canadian banks don't need taxpayer money to compete with bailed-out rivals in the United States, Bank of Nova Scotia's chief said Tuesday as his company reported a 67 per cent drop in fourth-quarter profit.
“I don't think government capital comes cheaply,” said Rick Waugh on a conference call with analysts. “When governments start to inject capital it's naive to think it doesn't come at a significant costs.
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